When Bitcoin Sportsbooks Accept In-Play & eSports Wagers
Bitcoin sportsbooks have long been celebrated for their ability to pay withdrawals "instantly", which typically means within 10 minutes.
Most withdrawals at these bitcoin exclusive betting sites are processed without a human being auditing a player's history fully; there is no sportsbook bonus to check was rolled over fully, and no need to perform Know Your Customer (KYC). Bitcoin sportsbooks do not even require players to provide their legal name.
When bitcoin sportsbooks clone other fiat sportsbooks linesets on major markets, there is not much cause for concern as players are betting on well-known and liquid markets where the book has sufficient oversight. However, where things get complicated is when bitcoin sportsbooks allow players to wager on markets such as eSports, or place live, in-play sports wagers.
A player has submitted a sportsbook complaint against a bitcoin exclusive betting site this morning saying that his account was restricted whilst an investigation is carried out into the player's in-play betting wagers on ATP and WTA tennis matches. He has denied wrongdoing, but offered little in the way of details and only said he placed the bets after following the in-play updates at a fiat sportsbook.
The sportsbook is within their right to suspend the player's account to investigate how his balance was derived. The player claims to have over 7 BTC (worth $4,340) in limbo while the investigation is completed.
Sportsbook Review has asked the bitcoin sportsbook for comment.